{"id":12201,"date":"2010-09-30T09:14:53","date_gmt":"2010-09-30T07:14:53","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12201\/brent-oil-price-shoots-to-near-81-us-dollar-remains-weak\/"},"modified":"2010-09-30T09:14:53","modified_gmt":"2010-09-30T07:14:53","slug":"brent-oil-price-shoots-to-near-81-us-dollar-remains-weak","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12201\/brent-oil-price-shoots-to-near-81-us-dollar-remains-weak\/","title":{"rendered":"Brent oil price shoots to near $81, US dollar remains weak"},"content":{"rendered":"

Brent oil prices have shot up through the $80 mark in late trading yesterday and is currently higher near $81 as the US dollar remains weak, while the latest US oil data out of the United States boosts oil prices.<\/p>\n

In London, Brent crude oil futures for November 2010 delivery was trading at $80.74 a barrel, 08.00 GMT on the ICE Futures Exchange after peaking this morning at $80.98 around 04.00 GMT.<\/p>\n

US Dollar Remains Weak<\/strong><\/p>\n

The US dollar remains weak in currency markets which is contributing to higher oil prices. The US Dollar Index which tracks the dollar unit against a basket of six currencies, declined 0.3% to 78.779 on the expectations that the US Federal Reserve would resort to further easing (money printing).<\/p>\n

The US Dollar Index has lost more than five percent this month and is down nearly nine percent for the tihrd quarter of 2010.<\/p>\n

Meanwhile, US Government data out yesterday indicated that US oil crude stocks fell by 500,000 barrels to 357.9 million barrels, according to the US EIA.<\/p>\n

Brent oil’s peak price for this year is $87 a barrel, reached at the end of April 2010.<\/p>\n

\n
\"Digg<\/a><\/div>\n
\"Reddit<\/a><\/div>\n
\"Stumble<\/a><\/div>\n
\"Buzz<\/a><\/div>\n
\"Vote<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Kick<\/a><\/div>\n
\"Shout<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Post<\/a><\/div>\n
\"Google<\/a><\/div>\n<\/div>\n